Yes, self-employed workers can qualify for personal loans. Most of the requirements for getting personal loans come down to your income and your credit score. While self-employed people don't have as consistent an income as regular salaried workers, self-employed workers can easily earn enough income to qualify, especially if they have good credit. Yes, you can get a mortgage if you are self-employed.
In general, you'll need to prove two years of income history from your self-employment with tax returns. It's possible to get a loan if you're self-employed; however, without any proof of income, it can be difficult to get a loan approved. To improve your chances of approval, you may consider adding a security to the loan or applying for it with a co-signer. The fewer monthly debt payments you have when you start the mortgage process for the self-employed, the easier it will be for you to make your mortgage payments.
Keep in mind that FHA loans come with other significant costs, including a large initial mortgage insurance premium, so keep it as an alternative option if you can't get approval for a conventional self-employed mortgage. Obtaining a joint mortgage with a co-borrower who is employed with Form W-2, such as a partner, spouse, or trusted friend who will share ownership of your home, is another way to improve your prospects of getting approved for a mortgage if you are self-employed. Some lenders may worry that they won't earn a stable enough income to make their monthly mortgage payments, and others may simply not want to deal with the additional documentation that may involve granting a mortgage to a self-employed person.
